According to the latest data from the World Platinum Investment Council (WPIC), the platinum market is projected to experience a significant deficit in 2023, reaching a record-breaking shortfall of nearly one million ounces. This deficit can be attributed to a robust 28 percent year-on-year increase in demand, coupled with a constrained outlook for supply, which is anticipated to decrease by one percent compared to the previous year. Furthermore, WPIC's forecast extends to 2027, revealing consecutive and progressively worsening annual deficits fuelled by sustained growth in demand, particularly in the automotive sector.
Considering the limited potential for mining operations or recycling processes to expand sufficiently to bridge these gaps, the deficit will need to be addressed by utilizing ‘Above Ground’ Stocks.
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